The President of Uzbekistan outlined the key areas of investment cooperation with foreign partners

The President of the Republic of Uzbekistan Shavkat Mirziyoyev took part in the plenary session of the fourth Tashkent International Investment Forum on June 10, held at the capital's International congress center.

The event was also attended by the President of Bulgaria Rumen Radev, the Prime Minister of Slovakia Robert Fico, the Prime Minister of Kazakhstan Olzhas Bektenov, the Chairman of the Government of Kyrgyzstan Adylbek Kasymaliev, the Prime Minister of Tajikistan Kohir Rasulzoda, the Prime Minister of Azerbaijan Ali Asadov, Deputy Chairman of the Government of Russia Alexander Novak, Deputy Chairman of the Cabinet of Ministers of Turkmenistan Nokerguly Atagulyev, as well as the head of the European Bank for Reconstruction and Development Odile Renaud-Basso and the New Development Bank Dilma Rousseff.

In total, more than 7.5 thousand delegates arrived at the forum, including over 3 thousand foreign guests from 100 countries. Moreover, the current event is being held in a new, expanded format. For the first time, a specialized exhibition was organized within its framework, at which Uzbek companies participate with their projects and joint initiatives.

The President of Uzbekistan began his speech at the forum with a brief analysis of the current situation in the world. It was noted that today geopolitical processes are rapidly changing, threats to global security and sustainable development are increasing.

For the third year in a row, global GDP growth rates have been declining as a result of the complication of the economic crisis and a shortage of financial resources.

The head of Uzbekistan emphasized the importance of resolving regional conflicts and problems exclusively through diplomatic means, based on the norms and principles of international law that comply with UN resolutions.

– We call for open and large-scale international cooperation on these issues from all our partner countries. Investment, which is the main topic of the forum, is a guarantor not only of economic development, but also of peace and stability,” said the head of our state.

The leader of Uzbekistan called for creating an investment environment that will not only make a profit, but will also serve as a solid foundation that elevates the value of a person, ensuring his vital interests and the development of society.

He specifically focused on the achievements Uzbekistan in ensuring economic development. Over the past 8 years, the country's GDP has doubled. The goal is to increase this figure to $200 billion by 2030. In 2024, investments reached $35 billion, and exports reached $27 billion.

Over the past 5 years, Uzbekistan has risen by 48 positions in the Index of Economic Freedom, and by 28 in the Harvard Economic Complexity Index.

Last month, the authoritative agency S&P raised Uzbekistan's sovereign rating forecast from “stable” to “positive.”

Stressing that today the world economy is on the threshold of a new era of change, the President of Uzbekistan pointed out the importance of cooperation in four key areas.

The first is the transition to a “green” economy model.

– In order to provide the economy with stable energy resources, we are committed to We are determined to develop “green” energy, noted the country’s leader.

In recent years, almost $6 billion of foreign direct investment has been attracted to this area. Electricity production increased from 59 billion to 82 billion kilowatt-hours. In the next 5 years, this figure will exceed 120 billion kilowatt-hours, the share of “green” energy will be 54 percent.

$4 billion will also be raised to upgrade power grids. Electric networks in Samarkand will be transferred to private partnership this year, and next year - in another 8 regions.

For the first time, it is planned to launch the sale of “green certificates” and carbon credits. Uzbekistan will join the global carbon markets, a platform for climate investments “Green Uzbekistan” will be created.

Secondly, digital technologies and artificial intelligence are becoming the new “drivers” of the economy.

– This year alone, the export of IT services in our country will reach $1 billion. We have sufficient potential to increase this figure 5 times by 2030,” noted the leader of our country.

Uzbekistan’s achievements in this area are recognized internationally. In particular, the country has risen 17 positions in the International Artificial Intelligence Readiness Index in one year.

Next year the national Cloud Technologies platform will be launched. In the next 5 years, 20 data centers with a capacity of more than 500 megawatts will be built together with private investors.

It is planned to develop a national model of artificial intelligence that will embody our rich history, values ​​and new creative ideas. To ensure the effectiveness of this system, the “One Million Artificial Intelligence Users” project was launched.

The head of state expressed confidence that through joint efforts Uzbekistan will become an influential IT and fintech hub.

Third, the financial system and technology are changing dramatically.

– Recently, together with the IMF and the World Bank, we conducted a comprehensive assessment of the financial sector of Uzbekistan for the first time. They fully supported our reforms in banking, finance, insurance, and the capital market,” the head of state noted.

To bring these areas to the next stage of development, a Financial Stability Council will be created, as well as cybersecurity and financial technology platforms under the Central Bank will be launched.

Reforms in the insurance system have begun, a National Reinsurance Company and a Global Digital Platform have been created. reinsurance.

An alternative financial instrument for startups – ventures – is rapidly developing. Thus, last year, the value of two national startup companies exceeded $1 billion for the first time.

To increase the number of such companies, a draft law “On Alternative Investment Funds” was developed. In the next 5 years, the volume of venture capital and other alternative investments will be increased to $1 billion.

Another direction is the multiple increase in demand for technological minerals in the context of the “Fourth Industrial Revolution.”

Large reserves of tungsten, molybdenum, magnesium, lithium, graphite, vanadium, titanium and others have been identified in Uzbekistan minerals. The potential of our subsoil is estimated at a total of $3 trillion.

– We have every opportunity to turn the region into a hub for the production of high-value-added products from minerals. In the Tashkent and Samarkand regions, we are creating technology parks “Metals of the Future,” said the leader of the country.

In this regard, the Head of State proposed introducing a rental tax refund for 10 years to investors who have established a full cycle - from geological exploration to the release of finished products.

In his speech, the President of Uzbekistan paid special attention to the practical implementation of the principle “New Uzbekistan is a country of great opportunities for investment.”

First, Uzbekistan has set itself the goal of becoming a member of the World Trade Organization next year. In this area, dozens of laws and hundreds of standards have been adapted to international requirements. This process will be fully completed this year.

Secondly, in order to create even more favorable conditions for foreign investors, a “national regime” will be introduced, guaranteeing the same conditions as local companies, a “single window” principle will be introduced when interacting with government agencies, and a system of guaranteed protection of investment activities will be created.

Due to such measures, it is planned to raise the credit rating by 2030 Uzbekistan to investment level.

Thirdly, when privatizing state-owned companies, the path chosen was to transform them into large assets that will serve the growth of the country's welfare.

The National Investment Fund was created, combining state shares in 18 large companies and banks worth about $2 billion. The reputable international company Franklin Templeton has been involved in managing the fund. Next year it is planned to put up a stake in the fund for an international IPO.

In addition, professional consultants will be involved, and within two years, 29 large state-owned companies will be privatized.

Fourth, great attention is paid to the development of transport and logistics with the involvement of private capital. For example, the international airports of Samarkand, Namangan, Bukhara and Urgench have been transferred to the management of potential investors on the basis of public-private partnership.

The world's leading company Incheon has been involved in the management of the Urgench airport. Next year, tenders will be held for the airports of Nukus, Termez, Fergana, Navoi.

In addition, taking into account the population of the capital exceeding the mark of 5 million people, the city of “New Tashkent” will be built, designed for 2 million residents. A multimodal hub with the ability to serve up to 20 million passengers per year will be built here, combining airport, rail and road transport.

Fifthly, a completely new atmosphere of cooperation has formed in Central Asia. Over the past 8 years, trade turnover with neighboring countries has grown more than 3.5 times and amounted to almost $13 billion.

Major investment projects are being implemented. The construction of the China-Kyrgyzstan-Uzbekistan railway has begun, work is underway to prepare large energy and infrastructure projects.

In this regard, the Leader of Uzbekistan proposed promoting the concept of a “Single Space for Investment and Trade” in Central Asia.

– Here I would like to appeal to international organizations: the time has come to create new financial mechanisms to support regional projects. By joining forces, we will transform Central Asia into a space of peace and sustainable development,” the President said.

At the end of his speech, the head of Uzbekistan focused the attention of the participants on the fact that for our country, investments mean not just a financial resource, but technology, knowledge, qualified personnel, as well as integration into international production chains.

– Uzbekistan creates all the necessary conditions for foreign investors who come to us with such noble ideas, and we fully support and fully guarantee them activity,” the leader of our country emphasized.

Speakers who spoke at the plenary session highly appreciated the results of reforms in New Uzbekistan, voiced their proposals and initiatives to further increase investment cooperation with our country in priority sectors.

The work of the Tashkent International Investment Forum will end on June 12.

Tomorrow there will be a plenary meeting of the Council of Foreign Investors with the participation of the President of the Republic of Uzbekistan.

Official website of the President of the Republic of Uzbekistan